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Investments
12 Months Ended
Jun. 30, 2015
Schedule of Investments [Abstract]  
Investments

NOTE 5 – INVESTMENTS

 

On December 23, 2013, the Company entered into an Asset Sale & Purchase Agreement with Mr. Tang Wenbo (“Mr. Tang”) to acquire Mr. Tang’s 24% equity interest and assets in Jiangxi Everenergy New Material Co., Ltd. (“Everenergy”). The Company issued 8,000,000 shares of restricted common stock of the Company at $0.375 per share and paid $1,000,000 for the aggregate payment of $4,000,000 for the acquisition.

 

On February 19, 2014, the Company entered into an Asset Sale & Purchase Agreement with Mr. Hu Qinjian (“Mr. Hu”) to acquire Mr. Hu’s 29% equity interest and assets in Everenergy. The Company issued 11,000,000 shares of restricted common stock of the Company at $0.45 per share for the consideration of $4,950,000 for the acquisition.

 

On September 17, 2014, the Company terminated the Asset Sale & Purchase Agreements with Mr. Tang and Mr. Hu for the acquisition of 24% and 29% equity interest and assets in Everenergy, respectively due to neither Mr. Tang, Mr. Hu and Everenergy had complied various terms and conditions of the Asset Sale & Purchase Agreement. On the same day, the Board of Directors approved the cancellation of all 19,000,000 shares of restricted common stock at a current market value of $0.12 per share. On October 21, 2014, 11,000,000 shares of restricted common stock were returned and effectively cancelled and the remaining 8,000,000 shares are to be cancelled as of June 30, 2015. For the year ended June 30, 2015, the Company could not recover the $1,000,000 cash payment and a total investment loss of $6,670,000 was resulted.

 

As of June 30, 2015, the Company does not hold any investments.